REITs市场迎政策新指引支持扩容扩募与资产创新

Core Viewpoint - The recent notification from the National Development and Reform Commission aims to promote the normalization of public REITs in the infrastructure sector, enhancing market expansion and asset innovation [1][2]. Group 1: Market Expansion and Asset Types - The public REITs market in China has seen a steady increase in the number of listed products, reaching 74 as of September 18, with the market now leading Asia in product quantity [2]. - The types of underlying assets for public REITs have expanded to 10 categories, with the largest number being park-based assets, totaling 19, while transportation, consumption, and logistics assets each exceed 10 [2][3]. - The notification emphasizes the need to explore new asset types with significant potential for issuance, such as heating, water conservancy, data centers, and sectors like tourism and elderly care that currently lack issuance cases [3]. Group 2: REITs Size and Market Dynamics - Despite the quantity advantage, the average size of individual REITs in China is relatively small, with mainland REITs averaging $3.7 billion compared to $15.94 billion in Japan and $17.28 billion in Singapore [3][4]. - The notification encourages the issuance of larger-scale funds that can significantly impact the expansion of the infrastructure REITs market, aiming to establish leading REIT products to support steady market development [4]. Group 3: Fundraising and Expansion Mechanisms - The notification supports existing REITs in raising funds through expansion to acquire quality assets, simplifying the process for new project applications [5]. - Currently, only 6 REITs have undergone their first expansion, indicating a need for growth in this area compared to more mature markets like the U.S. and Singapore, where expansion significantly boosts market size [5][6]. - The notification introduces important changes to the expansion mechanism, reducing the expansion initiation period to 6 months and allowing for cross-industry and cross-regional asset integration, facilitating the transition of REITs into comprehensive asset operation platforms [6].